This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F484 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “lipstick” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cosmetics, date, makeup.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 💄︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Lipstick is a cosmetic product used to apply coloration and texture to lips, often made of wax and oil. Different pigments are used to produce color, and minerals such as silica may be used to provide texture. The use of lipstick dates back to early civilizations such as Sumer and the Indus Valley Civilisation, and was popularized in the Western world in the 16th century. Some lipsticks contain traces of toxic materials, such as lead and PFAS, which prompted health concerns and regulation.
Lipstick has been prominent in several women's fashion trends, often associated with women's sexuality. The color of lipstick has aesthetic and cultural significance as different colors carry different connotations. Red lipstick has historically been associated with sensuality or women's independence while black lipstick is worn by both men and women in alternative subcultures, especially punk and goth. Celebrities such as Marilyn Monroe, Elizabeth Taylor, Madonna, and Taylor Swift have contributed to the popularity and iconic images of lipstick in fashion and mainstream media.